Best Passive Income Ideas In 2023 To Explore
May 30, 2023
No matter if you already have a favorite job or are just looking for one, it’s always a good idea to search for some source of passive income that can be your financial cushion. Fortunately, nowadays, there are lots of various ways of getting a stable passive income without spending too much energy and time to control and monitor it. In this article, we will consider 20 passive income ideas in 2023 so that you will definitely find something for yourself!
Why should you try to get passive income?
“How to earn more money” is one of the most frequent questions people look up online or ask friends and relatives.
The idea of passive income is not something unusual or completely new. Generally speaking, passive income is a way to earn money that doesn’t require your active involvement, lots of your time, or constant control from your side like a 9-to-5 job does. But it can help you improve your financial situation. Consequently, people all over the world look for a source of passive income that will be the most suitable for them and their interests.
Passive income has at least two huge advantages for any person. First of all, it allows increasing your earnings without considerable effort.
Second, passive income doesn’t depend on your current source of money. If you happen to lose it, with passive income, you would still have another way to support yourself and your family.
To help you find some passive income ideas in 2023, we’ve prepared an extended list of options. All you have to do is check it out and choose what sounds the most tempting for you.
Best passive income ideas in 2023
If you’ve always wanted to try getting passive income but didn’t know where to start, here is a list of 20 passive income ideas in 2023. Make a cup of tea or coffee and get ready to discover some new ways of earning extra money.
- Blogging
One of the easiest ways to start is blogging. Many brands, companies, and regular people already run their blogs on dedicated platforms or social media.
As a rule, when such a blog gains popularity, its owner gets a number of beneficial opportunities such as placing shoutouts, participating in some affiliate program, advertising some other brands, etc.
Your personal blog can be your hobby that brings some passive income. Plus, your blog can grow from “source for some extra money” to your core daily job. Think of what you can tell your subscribers about, or what expertise you can share and try to write a post.
- Dropshipping business
The dropshipping business model allows you to resell goods without keeping them in stock. That means you don’t need your own production, large investments, or agreement with the shipping company to start. It makes the dropshipping business a great way to get passive income nowadays.
12 Benefits Of Launching A Dropshipping Business In 2023
- Social media influencer
In today’s digital age, social media platforms have become powerful tools for individuals to express themselves, connect with others, and even earn a substantial income. One enticing passive income idea that has gained significant popularity is becoming a social media influencer. With the right strategy and dedication, social media influencers can turn their online presence into a lucrative source of income. By creating engaging content, building a loyal following, and partnering with brands, influencers can monetize their influence and enjoy the benefits of passive income. With the potential to earn income even while you’re not actively creating content, social media influencer activity offers individuals the opportunity to turn their passion into profit in an increasingly digital world.
- YouTube
One more fast-developing area is video blogs on YouTube. People all around the world use YouTube as a source of fun or useful information. If you like watching and making videos and have experience and knowledge to share, you can definitely try to make money on YouTube.
When your channel gets enough followers, you will be able to monetize your videos, place ads, or join various affiliate programs.
- Podcasts
This is a pretty new format for getting passive income. If you are keen on talking about various things and feel comfortable about public speaking, a podcast is a good passive income idea for you.
- Online surveys
A number of various online surveys are conducted every year. To get enough information, companies that hold these surveys need to interview a lot of people. And it can be a good source of passive income as well.
If you like to share your opinion, be interviewed, and are ready to spend your time giving answers to various questions, you absolutely should try participating in online surveys. Usually, the fee for one survey isn’t big, and to get some substantial sum, you should complete several ones. However, each survey can take you just several minutes, so why not?
- Ebooks
One more passive income idea in 2023 is writing an ebook. For example, you might create a recipe collection in an ebook format and offer it to your subscribers on social media. The most interesting aspect of this activity is that you need to put in some effort once, and you will benefit from it permanently.
- Online course
Getting some extra income from your knowledge and expertise is always a great idea. One of the passive income ideas in 2023 is creating an online course.
Generally speaking, it is quite similar to writing an ebook but demands more work to create it. But then it will keep bringing you passive income for many years ahead.
- Copywriting
We already mentioned that a lot of companies and online stores have blogs. Some of them hire outsourced copywriters to get quality content for their blogs.
Of course, this format of getting passive income takes more time compared to online surveys. Plus, if you don’t have any experience in copywriting at all, it can be a tough task for you. However, if you feel that this is something you might like, there are a lot of courses where you can try to start writing texts on various topics that help you get the necessary skills.
- Proofreading
Don’t like writing? What about proofreading? This is a good way to get some passive income. However, you should understand that to be a proofreader, you also need to be a native speaker. Each language has its nuances and only a native speaker can find and correct some phrases in texts that seem to be perfect.
- Affiliate marketing
This is one more great passive income idea in 2023! There isn’t anything challenging about affiliate marketing.
The first thing you should do is to find what company or brand offers the most suitable affiliate program. Then, you need to read the terms and conditions of joining this program carefully. And the last step is to sign up as a participant.
If your request is approved, you can start promoting your partner’s business on the Internet. Each purchase made through your link brings you a commission.
- Stock pictures
Do you like photographing? Let’s make it a source of extra money as well! You can take a number of photos for paid stock photo bases and get a commission every time your image is downloaded.
You can learn more about earning money on stock images from the YouTube channel run by Tony and Chelsea. They managed to make a fortune on that.
- Mobile apps development
If you are a web developer or have specific skills that allow you to create some digital products, you might consider this way of getting passive income.
Every day lots of apps appear in the App Store and Google Play. Only last year there were more than 200 billion mobile apps on the markets. Can you imagine how this number has grown this year?
But what is even more important than the quantity of published mobile apps is the amount of money mobile app developers can make. Just look at the stats.
So, if you have expertise in this field, don’t waste time and try to create your own mobile app!
- Plugin and add-on development
Another way to make web development a source of extra money is the creation of various plugins and add-ons for business management.
Probably, you’ve heard that IT solutions are in strong demand nowadays. There are a number of various websites for web developers where you can find your first order and get your passive income. So, why not give it a try?
- Investment
Investments can be a great source of passive income. However, it’s highly important to learn what options are the most promising before investing.
If you don’t have a lot of money to invest, consider investing in growing businesses. Evaluate the businesses, check the stats, study some trends, and only then make a decision.
- Real estate investing
If you buy a nice house for rent, it will provide you with passive income on a permanent basis. Obviously, it demands huge savings from you because to make money on real estate, you need to buy such estate first.
- Saving accounts
One of the safest options to grow your savings is depositing your own money with a bank. So if you have enough personal finance, you might try this way to get some passive income in 2023.
- Ads on your car
We are sure you’ve noticed cars with various ad stickers on them. Of course, lots of these cars are owned by some brands and used by their staff. But more and more companies provide an opportunity to place such an ad on a personal car.
Why is this a good passive income idea in 2023? Well, here are multiple reasons for that. Some companies pay a commission for placing their ads on your car. Others provide discounts on the services or products.
- Rent out cars
If you have enough savings and don’t want to try real estate investment, here is one more idea for getting passive income for you. Try your hand at car rental! You can either rent a car or create a car sharing service.
- Brand ambassadors
The last passive income idea in 2023 is to become a brand ambassador. When you are an ambassador of some brand, you have an arrangement with this company to use only their products or services on an everyday basis. Your task is to recommend these things to your friends, social media followers, YouTube channel subscribers, etc.
Of course, you should be known in certain circles or be popular on social media to promote the brand to as many people as possible.
These are 20 passive income ideas in 2023 you might try to get some extra money from the next year. We hope you found something interesting that will help you make a fortune! Grow your social media accounts to have more options to consider and let your dreams come true!
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Great list of passive income ideas. Thank you for sharing!